Oil technical analysis: Black gold sticks to $51.50 a barrel undecided where to go next


  • Oil is trading back and forth near $52.50 a barrel. 
  • The market remains under selling pressure although it is attempting to stabilize above 51.00.
  • A break above 53.60 would be seen as quite bullish. 

Oil daily chart


WTI (West Texas Intermediate) is in a bear trend trading below its main simple moving averages (SMAs). The price has been coiling around 52.50 since the start of June. 


Oil 4-hour chart


The oil market remains under pressure below its main SMAs. The market is forming a triangle pattern which can theoretically break in either direction.


Oil 30-minute chart


The market is trading within Friday’s range. Bears need a breakdown below 52.00 to reach 51.00. Bulls want to break above 53.00 in order to get to 53.60 and 54.00.


Additional key levels

WTI

Overview
Today last price 52.63
Today Daily Change -0.12
Today Daily Change % -0.23
Today daily open 52.75
 
Trends
Daily SMA20 56.01
Daily SMA50 60.44
Daily SMA100 58.8
Daily SMA200 58.83
Levels
Previous Daily High 53.25
Previous Daily Low 51.94
Previous Weekly High 54.94
Previous Weekly Low 50.94
Previous Monthly High 63.97
Previous Monthly Low 53.13
Daily Fibonacci 38.2% 52.75
Daily Fibonacci 61.8% 52.44
Daily Pivot Point S1 52.04
Daily Pivot Point S2 51.34
Daily Pivot Point S3 50.73
Daily Pivot Point R1 53.35
Daily Pivot Point R2 53.96
Daily Pivot Point R3 54.66

 

 

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